The international rating agency Fitch Ratings has raised the credit rating outlook for Uzbekistan Airports, which operate the airports in Uzbekistan. The outlook was changed from 'stable' to 'positive', while the company's credit rating itself remains at 'BB'.
The agency reported that the outlook revision correlates with an improved sovereign rating outlook for Uzbekistan, which is now rated as 'BB/Positive'. The Uzbekistan Airports rating is equated to the sovereign rating because the company is fully state-owned, with the Ministry of Economy and Finance being its sole shareholder.
Fitch also assigns the company an independent credit profile of 'bb'. This assessment is based on several factors: the monopoly position of Uzbekistan Airports, a low debt burden, and revenues generated by public-private partnership projects. Nevertheless, the independent rating is constrained by Uzbekistan's sovereign rating due to the close relationship between the company and the domestic banking system and economy.
Uzbekistan Airports manages all airports in the country. The Ministry of Economy and Finance plays a key role in approving both the financial and strategic plans of the company, as well as determining airfares. Fitch does not forecast changes in the form of ownership of Uzbekistan Airports.
Although a significant portion of the company's debt is guaranteed by the state, the share of such guaranteed debt does not exceed 25%. The agency noted the company's history of receiving state support in various forms: from the state budget for capital needs, Uzbekistan Airports received 513.5 billion soms between 2022 and 2024.
Fitch recognizes Uzbekistan Airports as a critically important component for the aviation sector and the country's economic development, noting that replacing the company as the owner and operator of airport infrastructure would be extremely difficult. Although Uzbekistan Airports currently lacks bonds in the market, the agency warns that a default by the company to external creditors could negatively affect the reputation of the government and other state enterprises, and complicate their access to international financing.
The company holds a monopoly, yet concentrated, position in a relatively underdeveloped market. Risks associated with this position are partially mitigated by the rapid increase in passenger traffic, driven by tourism development and improving general macroeconomic conditions.
The majority of Uzbekistan Airports' revenue comes from air services. Non-aviation income, such as rent and retail, accounts for less than 7% of total revenue. For comparison, the Spanish operator Aena, which Fitch considers a close analogue, had commercial revenues of about 31% of total revenue in 2025 (1.98 billion out of 6.38 billion euros). The Mexican airport group OMA saw non-aviation income reach approximately 25%.
In 2025, the main customer for Uzbekistan Airports was Uzbekistan Airways, which accounted for 10% of revenues. Turkish Airlines received 7%, and the cargo airline Maersk Air accounted for 6%. Furthermore, 68% of all passenger traffic in 2025 was attributed to local resident airlines, whose fares are set by the Ministry of Economy and Finance based on proposals from Uzbekistan Airports in soms.
According to Fitch's assessment, the lack of clear regulatory guidelines reduces tariff predictability, as they may be set below the optimal commercial level due to state priorities.
Uzbekistan Airports is implementing a program to modernize and increase the capacity of Tashkent Airport. Additionally, the company is exploring the possibility of attracting private partners through the PPP mechanism to upgrade Bukhara, Namangan, and Urgench airports. Fitch believes that such investments can stimulate passenger traffic growth and increase passenger spending at airports.
However, since most of the capital expenditures have not been finalized, the investment program may be adjusted or postponed depending on market conditions. The main financing for capital investments is provided through internal cash flows and open credit lines.
The debt structure of Uzbekistan Airports includes secured and unsecured amortizing loans. By the end of 2025, 11.6% of senior debt was backed by state guarantees, and another 9.6% represented an interest-free unsecured loan from the Ministry of Economy and Finance. About 20% of the floating-rate debt lacked protection against rate fluctuations. The company also faces currency risks, as part of its obligations is denominated in dollars, euros, and Japanese yen.
As of the end of 2025, Uzbekistan Airports held 393 billion soms in cash. The company also had unused long-term credit lines totaling $23 million and €25.9 million designated for future capital expenditures.
Previously, Lee Sang-yong, a representative of Incheon Airport, stated that excluding Tashkent from the 'open skies' regime protects the national carrier Uzbekistan Airways from direct competition but simultaneously limits the development of air transport due to the participation of other airlines. He listed five problems hindering the realization of the capital's hub strategy.
BCG Managing Director Suresh Subudi presented a report on the current state of the aviation industry, emphasizing Uzbekistan's potential to become an air hub on the Europe-Asia route. However, he warned that the share of transit traffic in the country is currently only 3%, and Tashkent's hub status is not guaranteed, as neighboring countries are also expanding their airport capacities.
The international rating agency Fitch Ratings has confirmed the long-term credit rating of Uzbekistan Airports JSC at 'BB' and raised the rating outlook from 'Stable' to 'Positive'.
This decision serves as another important confirmation that the reforms being implemented by the company are highly valued by international financial institutions. Over the past years, Uzbekistan Airports has conducted extensive work to ensure financial stability, improve corporate governance in line with international standards, adapt financial reporting to international requirements, and enhance operational efficiency.
'Fitch Ratings' recognized these factors as the main reasons for improving the rating outlook. Experts believe this decision demonstrates not only the financial potential of the company itself but also the growing investment attractiveness of Uzbekistan. Furthermore, the strategic importance of Uzbekistan Airports in the development of the country's transport and aviation infrastructure has been reconfirmed at the international level.
Raising the outlook to 'Positive' opens up new opportunities for the company. Specifically, there is an increased chance to attract funds from international capital markets, finance large infrastructure projects, and expand cooperation with foreign investors and international financial institutions. Currently, comprehensive work continues in Uzbekistan to modernize airport infrastructure, improve passenger service quality, and strengthen competitiveness in the global aviation market.
The assessment by 'Fitch Ratings' is viewed as an important international recognition that the reforms are moving in the right direction. Uzbekistan Airports plans to consistently continue systematic work to strengthen financial stability, implement modern corporate governance principles, and develop the country's airports to meet international standards.
